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(iii) Admission, in writing, of its inability to pay its debts <br />generally as they become due; or <br />(iv) Being adjudicated a bankrupt or insolvent. <br />(d) If a petition or answer proposing the adjudication of a Party as a <br />bankrupt or a Party's reorganization under any present or future federal <br />bankruptcy act or any similar federal or state law is filed in a court of competent <br />jurisdiction and the petition or answer is not discharged or denied within 90 days <br />after its filing; <br />(e) A receiver, trustee or liquidator of a Party is appointed in any <br />proceeding brought against a Party and is not discharged within 90 days after such <br />appointment or if a Party consents to or acquiesces in such an appointment. <br />(f) The City's or the Developer's default in the performance of one or <br />more of its obligations under the Purchase Agreement. <br />11.2. Notice. If an Event of Default occurs, a non - defaulting Party may not <br />pursue any of the remedies described in Section 11.3 unless the non - defaulting Party <br />provides the defaulting Party with written notice of the existence of the Event of Default, <br />and except as set forth in the following sentence, the defaulting Party fails to cure the <br />Event of Default described in the notice and any Event of Default occurring after the <br />delivery of the notice within 30 days after the effective date of the notice. <br />Notwithstanding the preceding sentence, a non - defaulting Party may suspend its <br />performance of its obligations under this Agreement immediately upon its delivery of a <br />notice of an Event of Default to the Party in default. <br />11.3. Remedies. If an Event of Default exists, notice is given pursuant to <br />Section 11.2 and the defaulting Party fails to cure the Event of Default and any <br />subsequent Events of Default first arising after the delivery of the notice of default within <br />the 30 day period provided for in Section 11.3, the non - defaulting Party may: <br />(a) Suspend the performance of its obligations under this Agreement; <br />(b) Attempt to cure or engage third parties to attempt to cure the <br />default. If a non - defaulting Party attempts to cure or engages a third party to <br />attempt to cure a Party's default, the non - defaulting Party may notify the <br />defaulting Party, in writing, of the costs and expenses it incurs in its attempt to <br />cure or to engage a third party to attempt to cure the Event of Default and the <br />defaulting Party must reimburse the non - defaulting Party for those costs within <br />five Business Days of the defaulting Party's receipt of the notice stating the <br />amount of the costs. <br />1316916v1 <br />(c) The non - defaulting Party may terminate this Agreement by written <br />notice to the other Party. <br />Page 62 <br />